Barclays to lease office space in Canary Wharf to British government

LONDON: Barclays said on Tuesday it has agreed to lease office space in London's Canary Wharf district to the British government in an effort to save about 35 million pounds ($45 million) annually.

The Cabinet Office will lease about 540,000 square feet of space in 10 South Colonnade, according to a statement. The handover is expected to be completed by the end of next year.

As part of the move Barclays staff in the building will transfer to existing sites nearby and no employees will lose their jobs as a result of the move, the statement said. ($1 = 0.7839 pounds) (Editing by Anjuli Davies)

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.